Buying a home involves several steps, and oftentimes, the process can seem overwhelming. When purchasing a home, having all of the required documentation organized and prepared ahead of time can help ease the stress of the process and help you be better prepared when it comes to finalizing the deal on your dream home. If you are looking into purchasing a home in Mount Pleasant, South Carolina, and need help understanding what types of documentation you will need in order to purchase a home, Lucey Mortgage Corporation can help. Read on to learn more about the documentation that will be required throughout the process of buying your home.
Paperwork for Mortgage Pre-Approval
During the beginning stages of applying for a mortgage and looking for a property, you will first want to get a copy of your credit report. Your credit score will impact the amount of money you will be able to borrow for a home loan, so you will want to make sure that there are no factors that will lower your score, and your information is accurate. Next, you will want to obtain a pre-approval letter, which outlines the type of mortgage you qualify for and demonstrates to potential sellers that you are serious about purchasing a home. In order to get a pre-approval letter, you must demonstrate that you are able to afford monthly mortgage payments, so you will need to provide pay stubs, tax information, and any other proof of additional assets.
What Documents Will You Need When Completing a Purchase?
In addition to a credit score report and pre-approval letter, you will need to provide other documentation when completing the purchase of your home. Since lenders are mainly looking to ensure that you have a consistent flow of income so you can afford the monthly mortgage payments, you will again need to provide proof of income, including pay stub copies. You will be asked to show documentation of any additional assets you may have, such as stocks, pensions, social security, etc. Lenders will want to get an idea of your outgoing and incoming payments, so you will also be asked to provide recent bank statements, and the amount of debt you have, such as credit cards, student loans, car payments, etc. Also, you will need to verify your tax information with W2s and tax returns from the past two years.
Getting Assistance With Preparing to Buy a Home
When you buy a home, you will be required to provide a great deal of paperwork and documentation in order to finalize the process. Having all of the necessary paperwork well-prepared and ready to be reviewed will help make the process go much more seamlessly. If you need assistance with preparing the necessary documentation required to buy a home in Mount Pleasant, South Carolina, Lucey Mortgage Corporation can help. Contact our office today for a consultation.